As the NAPCP previously announced, on July 21, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), formerly known as the Restoring American Financial Stability Act.
In August, First Data released a three-page summary of the Act. As this summary explains:
The sweeping regulatory reform package fundamentally changes the financial services landscape and will result in a panoply of new regulations for years to come. Many provisions in the Act are effective immediately, while others will be implemented in the coming months after rulemaking by various federal regulators. This document provides a high-level summary of the Act's key elements.